Presentation to:

Macquarie’s six of the best conference 24 July 2015

Disclaimer

Certain statements in this document may constitute ’forward looking statements’. Such forward looking statements reflect the company’s beliefs and expectations and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Tsogo Sun Holdings Limited and its subsidiaries to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document, or to reflect the occurrence of anticipated events. Past performance of the company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this document. You are cautioned not to place any undue reliance on such forward looking statements. No statement in this document is intended to be a profit forecast.

This document is being supplied to you for informational purposes only. This document is not a prospectus or an offer or invitation or inducement to subscribe for or purchase any securities, and nothing contained herein shall form the basis of any contract or commitment whatsoever. This document does not constitute a recommendation regarding the securities of the company.

No representation or warranty, express or implied, is given by the company, its subsidiaries or any of their respective directors, officers, employees and affiliates or any other person as to the fairness, accuracy or completeness of the information (including data obtained from external sources) or opinions contained in this document, nor have they independently verified such information, and any reliance you place thereon will be at your sole risk. Without prejudice to the foregoing, no liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of information contained in this document, or otherwise arising in connection therewith is accepted by any such person in relation to such information. None of the data in this document has been reviewed or reported on by the group’s auditors and no guarantee or warranty as to the data’s accuracy, expressed or implied, is given.

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Group Structure

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Public

100%

47.6% 52.4%

100%

Under consideration

Gaming Portfolio

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100% 100% 100% 100% 65% 100%

100% 100% 100% 100% 25%

100% 98% 70%

Hotel Portfolio

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Strategic Priorities

Strategic Priorities

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Sustainability Growth

Financial Stability

Product Relevance

Regulatory Compliance

Human Resources

Organic

Non Organic

Strategic priorities don’t

change from year to year

Beneficiaries

Strategic Priorities

Sustainability

● Beneficiaries

Current shareholding and Corporate Social Investment and Enterprise Development programmes are effective

● Financial stability

Strong cash flow, judicious use of gearing and adequate facilities

Own most of our assets

● Product relevance

Adequate maintenance capex provided

Strong development skills in-house

Proactive marketing of products and brands

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Strategic Priorities

Sustainability

● Regulatory compliance

Day to day compliance excellent

High awareness of potential regulatory risks

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● Human resources

Adequate resources and skills

Engaged workforce

Key Financial Highlights

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Since listing F'11* F'12 F'13 F'14 F'15 Revenue 8.6 9.0 9.9 10.8 11.3 Ebitdar 3.3 3.5 3.9 4.2 4.2 AHEPS (c) 101 122 150 177 175 DPS (c) 50 60 75 89 89 Maintenance Capex 0.4 0.6 0.8 0.7 Investment Capex 1.0 0.6 1.8 5.5 Net Debt 4.2 3.6 4.4 9.2 Debt to Ebitdar (X) 1.2 0.9 1.0 2.2

(Rbn)

Strategic Priorities

Growth

● Organic

Significant focus on getting more out of our existing businesses

Continued cost focus

Systems and values

● Inorganic

New projects

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Capital Allocation

M&A and Re-investment

● Casino expansion (R1.8bn)

Hemingways, Emnotweni,

Silverstar, Gold Reef, Montecasino

● Gaming minority buyout (R1.1bn)

Suncoast and others

● SA Hotels– (R1.9bn)

Liberty, Sun 1, other

● Offshore Hotels (R1.2bn / US$120m)

Nigeria, Mozambique, Redefine BDL

● Maintenance Capex (R2.5bn)

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● Cash to shareholders

● Dividends declared (R3.4bn)

● Share buyback (R2.8bn)

133m shares @ R20.96

43%

17%

19%

13% 8%

Shareholders Maintenance Gaming

SA Hotels Offshore Hotels

Future Growth Drivers

Well positioned for economic recovery

● Growth in Casino win and RevPar as economy improves

Casino expansion should drive additional growth

● Silverstar Completed

● Gold Reef City in progress

● Suncoast expected to begin 2016

New casino opportunities

● Mpumalanga / Cape Town

Continued investment in SA Hotels

Expansion in Offshore hotels

● Africa and Europe (with Redefine BDL)

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Thank you